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A Hawaii living trust allows you to gather together, within one document, control of your significant assets. This type of trust is important if you want to make sure that your property is passed on as easily as possible after you yourself pass on. Living trusts not only, in most states, allow you to avoid the probate process, you can also develop a plan to handle assets in the event that you're suddenly disabled.
Once created, the trust, not you, owns your assets. This doesn't mean that you no longer have control of your assets. Since you, the grantor, will usually appoint yourself as the trust's initial trustee, you still have complete control of your property; you can transfer property out of or add property to the living trust.
While your major property is taken care of, you are still required in most cases to have a simple will, also known as a pour-over will. This document acts as back up to deal with anything you own not included in the living trust, as well as designating a guardian for any minor children. Certain assets are not included in most living trusts for legal reasons governing the trust's makeup, such as cars and personal checking accounts. The LegalZoom Hawaii Living Trust includes a simple will for this purpose.
For more information about Hawaii living trusts, check out LegalZoom.com's free online legal library. You'll find out exactly what property can be transferred into a living trust, related tax laws, and just how easy it is to set up a living trust with the help of LegalZoom.com. Simply fill out our easy-to-follow online questionnaire and start the plan your Hawaii estate's future, today!
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